Financial Services (Trust Company Business (Exemptions No. 3)) (Jersey) Order 2001

Summary

This Order sets out categories of persons who are exempt from the requirement to register with the JFSC before carrying on trust company business under the Financial Services (Jersey) Law 1998. It works by prescribing certain persons as exempt when they perform specific trust company business services in defined circumstances, and by specifying which core obligations of the Law still apply to them despite the exemption.

• Private protector/appointer companies: Companies or LLCs that do not solicit from or serve the public but appoint trustees or foundation council members under a trust instrument or foundation charter are exempt, provided the company or the trust/foundation is administered by a registered trust company business.
• General partners: General partners of limited partnerships, separate limited partnerships or incorporated limited partnerships are exempt when providing trust company business services to that partnership, provided the person or partnership is administered by a registered person.
• Managers of LLCs: Managers of a limited liability company registered under Jersey law are exempt when providing trust company business to that LLC, provided the person or LLC is administered by a registered person.
• Agents for sale of companies/LLCs/partnerships: Agents arranging sale, transfer or disposal of companies, LLCs or partnerships that have carried on substantial business are exempt (limited exemption), except where the entity is locally trading, in which case an unlimited exemption applies under Part 2.
• Investment company subsidiaries: A wholly owned nominee subsidiary of a registered investment business, whose sole business relates to the parent's investment business, is exempt when acting as the parent's own nominee.

Even where exempt, certain enforcement, supervisory and conduct provisions of the Financial Services (Jersey) Law 1998 (Articles 12, 23 to 26, 28, 32 to 39 and 41) continue to apply to these exempt persons as if they were registered, and references to registered persons in the Law are construed accordingly.

Key obligations

• Persons relying on the limited exemptions in Part 1 of the Schedule (private protector/appointer companies, general partners, LLC managers) must ensure that either they or the relevant trust, partnership, LLC or foundation is administered by a person registered to carry on trust company business, or the exemption does not apply.
• Exempt persons remain subject to Articles 12, 23, 24, 25, 26, 28, 32, 33, 34, 35, 36, 37, 38, 39 and 41 of the Financial Services (Jersey) Law 1998 as if they were registered persons.
• Exempt persons must not solicit trust company business services from, or provide such services to, the public in order to retain the exemption.

Applies to

private protector companies or limited liability companies, private appointer companies or limited liability companies, general partners of limited partnerships, separate limited partnerships and incorporated limited partnerships, managers of limited liability companies, agents for the sale of trading companies, limited liability companies and partnerships, investment company or limited liability company subsidiaries, registered trust company business providers

Related documents

• This document is made under Financial Services (Jersey) Law 1998